Thursday, January 12, 2017

Stocks Slump, Regain Ground In Anxious Session

Yesterday, it was big pharma that took a hit after Donald Trump singled them out in his press conference, saying that the US government would begin bidding lower prices for many prescription drugs.

Today, health care insurance companies took the hit - if only briefly - as the senate pushed forward a bill to repeal the Affordable Care Act (ACA), otherwise known as Obamacare. Aetna, Anthem, Cigna and United Health were among a handful of companies that felt some shock at the open.

The Senate voted 51-48 on a measure to repeal the current president's signature health initiative. The measure now will move to the house where its passage is all but assured, with the membership heavily weighted with Republicans.

As for the rest of the market, stocks went red at the open and trimmed early losses after 11:00 am ET. The Dow was down more than 180 points in the early going, but manage to recover almost two thirds of the losses as the session dragged forward.

Missing from the narrative today was the chorus of "Dow 20000," as the industrial index extended its failed attempt at the historic milestone for the 22nd straight session.

Maybe tomorrow...

At The Close 1.12.16:
Dow: 19,891.00, -63.28 (-0.32%)
NASDAQ: 5,547.49, -16.16 (-0.29%)
S&P 500: 2,270.44, -4.88 (-0.21%)
NYSE Composite: 11,204.15, -22.63 (-0.20%)

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